Last week, David Einhorn had the following to say in this article about Pfizer (PFE):

Shares of Pfizer Inc (PFE) are "substantially" undervalued because of investor pessimism about the company's roster of experimental medicines, but a new chief executive with industry experience could brighten the drugmaker's prospects, hedge fund manager David Einhorn said on Tuesday.Then later in the article...Asked if their value is in the "low twenties," he replied: "Oh yes, well above that."

Einhorn holds $387 million in Pfizer stock, his third-biggest holding.

Einhorn's position in Pfizer makes up more than 9%* of the portfolio he manages. Einhorn did not add or sell any shares in 3Q 2010. Donald Yacktman, David Tepper, Irving Kahn, and Robert Bruce are some other notable portfolio managers that have more than 5%* of their portfolio's exposed to Pfizer and added some more shares in 3Q 2010. (David Tepper and Robert Bruce made substantial additions to their Pfizer position's in 3Q 2010)

The stock sold for in the $ 14.00 to $ 17.50 range in 3Q 2010 and currently sells at just over $ 17/share.

The big concern for Pfizer, of course, is that they lose patent protection for the world's best selling drug Lipitor in late 2011. Lipitor makes up ~20% of the company's revenues.

At current prices, Pfizer sells at just under 8x this year's earnings.